Shares in Glanbia soared by as much as 12 per cent on Wednesday to levels last seen in the middle of 2017 as the nutrition group reported better-than-expected results and unveiled an $89 million (€78.5 million) US deal. Shares in the group jumped by up to 12 per cent to €18.14. AcquisitionThe group said it has agreed to buy a non-dairy ingredient solutions business based in Connecticut, called Watson, for $89 million. This will be a “highly complementary” addition to its nutritional solutions business and start to contribute to group earnings after the deal is concluded at the end of March, company executives said on an analysts call. The Glanbia Nutritionals (GN), comprising US cheddar cheese and a value-added protein ingredients business, posted a 1.5 per cent drop in ebita to €111.8 million.

Source: The Irish Times February 20, 2019 14:37 UTC